7 ms·
> The one thing Econ 101 firmly implanted in my brain is that the only way to make sustainable profits in a free market is to build and defend a monopoly, other
by GDC7 5y ago
> The one thing Econ 101 firmly implanted in my brain is that the only way to make sustainable profits in a free market is to build and defend a monopoly, otherwise you're always struggling to keep up with competitors
That's so not true. One of the most fragmented sector of the economy is law and tax professionals.
It's not uncommon to hear about lawyers with a net worth 20m or more. Some up to 500m
There are many ways to skin a cat.
Another being real estate. People on here make fun of Trump because as a businessman he's "small potato", I don't know if it's political ideology but regardless of where you stand politically people here are implying that they'd pass on a 4B net worth.
Same for the European businessmen, which are perceived as small. There real-estate is even more prevalent than the US.
Seems that for HN if you are not Zuckerberg or Gates you are a nobody, with all due respect they are optimizing for the component that is visible which is entrepreneurial accomplishment and that is world class great.
The invisible component which you don't get to see is world class poor (social life and leisure).
- pedalpete 5y ago> Seems that for HN if you are not Zuckerberg or Gates you are nobody... I appreciate that you are possibly referring directly to your quoted comment about Econ 101, but on HN the reason Zuckerberg, Gates, et al are worshipped, among many others, is not because they are rich, but because they have been very successful at bringing their vision of the future to life, and having an outsized impact on society. I suspect for many, Brian Chesky is just as well regarded as Zuck. Hell, Tim Berners-Lee probably is more respected here than anybody on the Forbes 100 list!
- mikewarot 5y agoLawyers, Doctors, Professional Engineers, etc all have a state sponsored monopoly that helps keep their pay above that of the other trades, because they are licensed. I was thinking in terms of fungible commodities. There are of course situations where the barriers to entry are so prohibitive that natural monopolies occur.
- GDC7 5y ago> There are of course situations where the barriers to entry are so prohibitive that natural monopolies occur. How can it be a monopoly? There are millions of them!